Sba Eidl Loan Requirements In Maryland

• Category: Small Business - Loans and Lending
• State: Multi-State
• Control #: US-00193
• Format: Word; Rich Text

Description

The SBA EIDL loan requirements in Maryland involve specific criteria that must be met for applicants seeking financial assistance for their small businesses. This document, titled Assumption Agreement, facilitates the transfer of loan obligations from one borrower to another, ensuring that both parties acknowledge the terms of the existing loan secured by the Small Business Administration. Key features of this form include the necessity for consent from the SBA for any assumption of indebtedness, as well as the obligation of the Assumptor to fulfill the repayment terms of the original Note. The form also highlights that the original Borrower remains liable for the loan even after the assumption, thereby ensuring that the SBA retains recourse in the event of default. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form critical in situations where business ownership changes or in negotiations involving the sale or transfer of business property that has existing SBA loans. Filling and editing instructions include providing accurate loan details, signatures, and notarization of the document to validate the agreement. This form serves as a crucial legal tool to protect the interests of all parties involved in the assumption of the loan and ensures compliance with SBA regulations.